ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN |
12 Months Ended |
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Jul. 31, 2021 | |
ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN | |
NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN | NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN
Panamera Holdings Corporation (formerly Panamera Healthcare Corporation, the “Company”) is a Nevada corporation incorporated on May 20, 2014. It is based in Oklahoma City, OK, USA. Effective October 21, 2021, the Company changed its name from Panamera Healthcare Corporation to Panamera Holdings Corporation and increased the number of authorized common stock from 150,000,000 shares of common stock to 550,000,000 shares of common stock, par value $0.0001 per share. The Company’s fiscal year end is July 31.
The Company intended to offer management and consulting services to healthcare organizations but have redirected our efforts now to pursuing business opportunities including but not limited to the environmental services industry, emerging innovative technologies and individual health choices led by innovation with integration. To date, the Company’s activities have been limited to its formation and the raising of equity capital.
Change in Control of Registrant
On April 26, 2021, the board of director of the Company approved a security purchase agreement with T. Benjamin Jennings or assignees to sell and issue 21,220,000 shares of the common stock at $201,335 in cash. The issuance of 21,220,000 shares of common stock to T. Benjamin Jennings pursuant to the security purchase agreement representing around 54% of the then issued and outstanding shares of the Company at closing date. The Company received the consideration in full and issued the shares on May 12, 2021.
Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of July 31, 2021, the Company has suffered recurring losses from operations, has an accumulated deficit of $363,996 and has not earned any revenues. The Company intends to fund operations through equity financing arrangements and related party advances, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending July 31, 2022.
The ability of the Company to emerge from an early stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings.
These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |